The Vice-President of the Islamic Development Bank expressed confidence in Tinubu’s reforms and revealed Nigeria to partake in the sharing of $50 billion.
The Islamic Development Bank (IDB) has pledged its commitment to fund multi-billion-dollar projects at both the federal and sub-national levels.
The announcement was made on Tuesday, November 14, 2023, by Ajuri Ngelale, the Special Adviser on Media and Publicity.
The commitment follows a substantive investment discussion between President Bola Tinubu and Dr Mansur Muhtar, the Vice-President (Country Programs) of the Islamic Development Bank.
The discussion took place after President Tinubu’s return from evening prayers on Monday night, November 13, in Mecca, Saudi Arabia.
During the discussion, President Tinubu stated Nigeria’s pivotal role as a beacon of hope for Africa, stating, “Nigeria is the candle of hope that will light the way for Africa. And once Africa is illuminated, the world will be a brighter place for all of humanity. We are determined to create a future for our gifted youths. Investments in Nigeria will be among the world’s most high-yielding.”
President Tinubu highlighted the existing deficits in port infrastructure, power infrastructure, and agro-allied facilities necessary for sustainable food security in the country. He sees these deficits as an unparalleled opportunity for savvy investors, given Nigeria’s status as the largest market on the continent.
“We have serious deficits in port infrastructure, power infrastructure, and agro-allied facilities that will enable sustainable food security in our country. These deficits present an unrivaled opportunity for savvy investors in a market that is by far the largest on the continent,” Tinubu stated.
Acknowledging President Tinubu’s swift and decisive economic reforms, the Vice-President of the Islamic Development Bank, Dr. Mansur Muhtar, expressed confidence in Nigeria’s commitment to business and economic development.
He revealed that $50 billion of new investment was available for the African continent from the Arab Coordination Group (ACG), and Nigeria, being the largest market and economy in Africa, is poised to receive a significant share of this investment.
Details of specific projects and the timeline for implementation are expected to be revealed as the collaboration between Nigeria and the Islamic Development Bank progresses.
